TORONTO, March 17, 2016 /CNW/ - Enerdynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) is providing this default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On October 2, 2015, the Company announced (the "Default Announcement") that it is not in compliance with the requirements of Section 4.1 of National Instrument 51-102 – Continuous Disclosure Obligations with respect to filing audited annual comparative financial statements given that the Company's comparative financial statements as at and for the year ended November 30, 2013, as included in the November 30, 2014 audited annual financial statements have not been audited (the "Default").
As a result of the Default, the Ontario Securities Commission granted (i) a permanent management cease trade order on October 28, 2015 in respect of the Company's Chief Executive Officer and Chief Financial Officer at such time, (ii) a permanent management cease trade order on November 4, 2015 in respect of the Company's current Chief Executive Officer, Mr. Roman Eder, and (iii) a permanent management cease trade on November 16, 2015 in respect of the Company's interim Chief Financial Officer, Mr. David Prue (collectively, the "MCTOs").
The Company is required to provide bi-weekly status reports in accordance with NP 12-203, until such time that the MCTOs are revoked or a general cease trade order is issued.
The Company is continuing to work diligently to remedy the Default and expects the Default to be resolved imminently.
The Company confirms that, except as otherwise specified herein, there are no material changes to the information contained in the Default Announcement. The Company further confirms that there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines and that there is no other material information relating to the status of the Default and its affairs that has not been generally disclosed.
As previously announced, the Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 for so long as it remains in Default. During the period of Default, the Company will continue to issue bi-weekly Default status reports in the form of further press releases, which will also be filed on SEDAR.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. Most energy products and solutions can be implemented immediately wherever they are needed. EHT stands above its competitors by combining a full suite of solar PV, wind and battery storage solutions, which can deliver energy 24 hours per day in both small-scale and large-scale format. In addition to traditional support to established electrical networks, EHT excels where no electrical grid exists. Through its recent acquisitions and new product developments, the organization now supplies advanced material solutions for various industries in combination with energy saving and energy generation solutions.EHT's core expertise lies in the development of innovative composite material systems with a full integration of smart energy solutions, which are processed through the use of EHT's proprietary production technologies into attractive applications- primarily modular homes, cold storage facilities, modular hospitals, schools, hotels and residential and commercial buildings.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements herein that are not historical facts are forward‐looking statements. Forward-looking information involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the remedy of the Default. Although EHT believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE Enerdynamic Hybrid Technologies Corp.
For further information: John Gamble, Director, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com; Stephanie Thompson, Administrative Assistant, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com